Gold Hits 10-Week Low as Dollar Gets Even Stronger

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Gold prices ended the day session solidly lower and hit a 10-week low Tuesday on the Comex Division of the New York Mercantile Exchange. A stronger US dollar index that hit a 13-month high and sharply lower crude oil prices sunk the yellow metal. No major geopolitical flare-ups during the long holiday weekend also prompted weak long liquidation in gold futures.

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Japanese palladium bar saw the biggest upwards shift for the day, rising 1.0 percent to close at JPY 3,023 ($28.97) per gram on Tuesday, September 2. The price of Chinese palladium bar fell 0.5 percent on Tuesday, just off the 30-day high of CNY 197.00 ($32.08) per gram it hit the day prior. US palladium bar held its value on Tuesday at $883.00 per ounce.

Japanese platinum bar finished the day down 0.1 percent to JPY 4,775 ($45.76) per gram. Chinese platinum bar saw little change in its price yesterday at CNY 300.00 ($48.85) per gram. US platinum bar stayed flat at around $1,400 per ounce.

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Chinese gold bullion closed 0.3 percent lower at CNY 253.90 ($41.34) per gram. The price of Japanese gold bullion increased 0.2 percent to JPY 4,305 ($41.26) per gram. The price of Indian gold bullion remained steady at INR 28,073 ($464.07) per 10 grams. The price of US gold bullion remained essentially flat at $1,281 per ounce.

After a 0.2 percent increase, the price of Japanese silver finished the day at JPY 651.00 ($6.24) per 10 grams. Chinese silver ended the day at CNY 4,215 ($686.28) per kilogram, after the 0.1 percent drop on Tuesday. The price of Indian silver held steady at INR 42,851 ($708.36) per kilogram. The price of US silver continues hovering around $19.36 per ounce for the fifth day in a row.

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